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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Rafidain defines 7 types of advances and loans and the conditions for granting them

    Rocky
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    Al-Rafidain defines 7 types of advances and loans and the conditions for granting them Empty Al-Rafidain defines 7 types of advances and loans and the conditions for granting them

    Post by Rocky Wed 14 Sep 2022, 4:49 am

    [size=46]Al-Rafidain defines 7 types of advances and loans and the conditions for granting them[/size]
    Economie
    14:55 - 09-13-2022
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    Today, Tuesday, Al-Rafidain Bank identified 7 types of advances and loans and the conditions for granting them, and while referring to the move to re-work granting advances electronically and automating banking operations, he sent a message to the citizens.

    The director of the bank, Abdul Hassan Jamal, said during an interview with the Iraqi News Agency (INA), that "the bank is continuing to complete the technical and legal requirements to re-work the electronic grants for advances, and it seeks to complete the project of implementing the electronic banking system, which will contribute to the automation of all banking operations to provide the best services to its customers.

    He added, “The Central Bank of Iraq launched the lending initiative, which contributed to providing liquidity to private banks, and through which some private banks launched the advances initiative for individuals, in addition to the liquidity available at those banks, through which they finance some investment projects and personal loans for various segments.” the society".
    He pointed out that "the Central Bank is the official body that carries out the process of supervising banking operations that take place in banks."


    And he added, "It is no secret to everyone that the Rafidain Bank is one of the largest banks that support housing projects based on the government's orientations and market needs, as the bank contributed to supporting the Basmaya housing project at the government level, in addition to other residential investment projects."
    He continued: "With regard to supporting small projects, the bank grants loans to support small projects in various sectors and with measures that contribute to supporting this sector and providing decent livelihoods for many segments of society."
    He stressed that "the bank takes into account all segments of society and has the largest base of effective banking products that not only serve the segment of employees, retirees and the security forces, as the bank provides loans to citizens in general for various purposes (housing, building, repair, buying a car, and small projects)," In addition to loans and advances to other segments of them (scientific research loans, operational loans, including kindergartens, private schools and universities, as well as loans for financing scientific research...etc.”


    Regarding the interest rate on loans, Abdul Hassan Jamal explained, "It is not possible to be certain that the interest rate is Loans are high compared to other countries, as the concept of lending in all countries of the world is divided into two basic principles:
    1- Supply and demand for the monetary mass and competition in the banking sector.

    2- The rate of inflation in the country, and as it is known to all that the global central banks are working to control the rates of inflation by raising or lowering interest rates on lending and borrowing and according to the situation of each country. He pointed out that "the Rafidain Bank and the Central Bank are in the process of attracting the monetary mass of individuals and introducing it to the banking sector."


    Regarding the criteria for granting loans and determining the interest rate, Jamal said: "The criteria that are adopted in granting loans are as follows: 
    1- Studying the borrower's reputation and financial solvency."
    2- Studying the official documents of the company and its founders, taking into consideration the company's capital.
    3- Studying and evaluating the guarantees provided.
    4- Referring the credit file to the credit department to study the feasibility of the project.

    He continued: "With regard to determining the interest rate, consideration is given to studying the market situation and competing banks, as well as the size of expenses compared to revenues, so that in light of this, the interest rate can be determined."
    On encouraging citizens to deposit their money with the bank, the bank manager said: “The bank seeks to encourage customers to transfer their money to banks instead of storing it at home, through the high interest rates it grants to customers on savings accounts and deposits, as well as offering various banking products that are granted to customers. ".


    The Director of Al-Rafidain Bank said: "The Deposit Insurance Company is one of the companies that preserve the public's money, knowing that the bank has contributed to the establishment of the company, as the borrowing process depends on the available funds (liquidity) in the banking sector."
    He added: "As it is known to everyone that increasing the confidence of individuals in the banking sector is associated with the extent to which they can obtain their money, and that the company contributes to this effectively. Therefore, the availability of funds in the banking sector contributes to managing the cash wheel that begins with customers' deposits and ends with the process of operating those funds before Banks (lending that money)."


    Abdul Hassan Jamal adds: "The bank has a clear strategic vision and a tight mechanism in the field of financing strategic and economic projects, where it is not hidden from everyone the size of the projects that the bank has contributed to financing and in various sectors, including residential, industrial and operational...etc."
    He continued: "


    He continues: "Through our assessment of the reality of the Iraqi banking sector, although most private banks focus on banking and financial transfer activities, we note that the sector is capable of growth and development if the necessary ingredients are provided for this, which calls for concerted government and civil efforts to provide the necessary infrastructure for transformation. To automate all banking operations and provide automated teller machines (ATMs) and direct points of sale (POS) in shopping centers to facilitate the use of electronic cards by the public.”
    He pointed out that "this will contribute to increasing cash in banks and thus increasing investment opportunities, and will also contribute to preserving citizens' money and reducing high-risk financial operations (financial fraud, money laundering and terrorist financing)."
    He pointed out that "the banks provide a safe environment for the circulation of cash, due to the presence of controls and instructions that govern all aspects of banking work," stressing that "the Rafidain Bank seeks through re-examination of banking instructions to facilitate lending to all segments of society and to finance strategic projects of economic importance."


    And regarding the application of governance standards and their comparison with neighboring countries, he stressed, "The Iraqi banking sector has made great strides in the field of governance that contributes to good governance in the management of banking business, and Al-Rafidain Bank has issued a guide to implementing governance in accordance with the governance initiative issued by the Central Bank of Iraq."
    He continued:
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